VIKASH KUMAR BHARALAWALA,CUTTACK vs. ITO WARD-1(1), CUTTACK

ITA 659/CTK/2026Status: DisposedITAT Cuttack17 September 2026AY 2020-2114 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal held that the assessee had sufficiently substantiated the source of investment with documentary evidence like returns and ledger accounts of relatives. However, the interest paid on loans for the house property was not allowable as it was not related to the assessee's business.

What were the facts?

The assessee purchased a house property and claimed the source of investment as gifts from parents, loans from wife and others, and encashment of fixed deposits. The Assessing Officer and CIT(A) disallowed a significant portion of the investment and also disallowed interest paid on loans.

What were the issues?

Whether the source of investment in a house property was adequately explained and whether interest paid on loans for property purchase is deductible.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, CUTTACK BENCH CUTTACK

Before: SHRI GEORGE MATHAN & SHRI GOPALAN GURUSAMY

Hearing: 17/09/2026Pronounced: 17/09/2026

Per Bench: This is an appeal filed by the assessee against the order of the NFAC, Delhi [hereinafter referred to as the ‘CIT(A)’] in appeal no.NFAC/2019-20/10172801 dated 12.06.2026 for the assessment year 2020-21. 2. Shri Mohit Sheth, AR appeared on behalf of the assessee and Shri Jeetendra Kumar, CIT DR represented on behalf of the revenue.

3.

It was submitted by the ld. AR that the assessee is an individual who is in the business of dealing in Aluminium fabrication material. It was the submission that the there are two

2 issues in the

The order continues below.

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